Marriage & Money

Author: Lindsey

My favorite show on TV, hands down, is How I Met Your Mother. If you have never watched it, I would highly suggest doing so immediately after you finish reading this blog post! 

The reason I bring this up is because it is a perfect example of today’s topic: marriage and finances! Two of the main characters, Marshall and Lily, get married. Lily has thousands of dollars worth of credit card debt she has never told Marshall about. She is constantly saying ‘she will take care of it and get her spending under control,’ which of course she doesn’t. Marshall finds out about this debt when they try to qualify for a home loan and can’t because of all Lily’s debt! In the end, the two work it out and start to pay of her debt. Yes, in real life that happens, but, no, it does not always turn out so sitcom perfect! 

It is said that the number one reason for divorce is financial problems. This is a sad statistic to me because while not all financial problems can be eliminated, they can all be discussed and worked on! As someone who married a financial consultant, money and finances were always something on the table for continuous discussion but for many, it may not be. Financial matters should always be one of the first things discussed when thinking about getting married, getting married or if you are already married!

The conversation can seem daunting at times, so to make it easier focus on three things – the past, present and future! 

First and foremost, you need you be upfront about your financial past. Do you have any debts? If so, what kind, how much and what is their status? Have you ever declared bankruptcy or had things in collections. What were some of your financial priorities and have they changed? These are some simple questions now that will save you a lot of headache and heartache in the future! 

Spend a lot of time on the present. How will you put together two potential incomes? What will your new budget be and how much will you a lot for things like rent/mortgage/bills/fun money and more. Do you plan on accumulating any new debts soon – car, school, etc? Will you have joint or separate accounts and how will you keep each other accountable? Thankfully, many marriage prep courses and even banks are now offering resources to help get couples finances together so if you have questions, ask!

Finally, think about the future. If you are renting, will you want to buy a house and when? How do kids play into the mix? What will you do in the event of an emergency and should you be updating or getting more insurance coverage? What are some additional long term goals? A trip to Paris or retiring at 60? Whatever your goals, your past, present or future, it is always best to be on the same page with your other half! So, sit down and have the financial wellness conversation.